Bed Bath & Beyond closes 149 more stores: see full list

WASHINGTON. On Tuesday, Bed Bath & Beyond said it would close 150 more stores as the beleaguered home improvement chain cuts costs in an attempt to stay afloat.

The announcement comes after the Union, New Jersey-based company said it had raised about $1 billion through a placement of preferred shares and warrants to buy the company’s common stock. According to him, the funds will be used to pay off the debt.

The latest closures are occurring in 41 states and include stores in 13 states that were not part of previous store closures announced just a couple of weeks ago. These are Indiana, Louisiana, Maine, Michigan, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, Nevada, Oklahoma, Oregon and Wisconsin.

In early January, Bed Bath & Beyond warned that it might have to file for bankruptcy. A few weeks later, he stated that he had not fulfilled his obligations on loans and did not have enough funds to pay off the debt.

The latest closure of stores is due to the fact that over the past year the chain has sharply reduced its presence.

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According to regulatory documents, the company will close more than 400 stores, which is almost half of its fleet. This includes the remaining 50 offline Harmon Face Value Stores, which sell beauty and home products. The company said it plans to keep 360 namesake stores in addition to 120 BuyBuy Baby stores.

Bed Bath & Beyond also said in a statement that it expects sales at stores open at least a year from now to decline anywhere from 30% to 40% during the first fiscal quarter, with “a consistent quarterly improvement thereafter.”

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